Suzlon Energy Limited (SUZLON)

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Suzlon Energy Limited (SUZLON) · mywealthgrid

About

Suzlon Energy operates in Heavy Electrical Equipment within the Industrials sector. With a market cap of ₹64,728 Cr and quarterly revenue reaching ₹5,493 Cr, it is a substantial player that maintains 18.06% operating margins and 40.64% return on equity.

Founded: 1995
Face value: ₹2

Market cap

₹53,473 Cr

P/E

17.0×

P/B

5.6×

Dividend yield

ROE

40.6%

ROCE

31.7%

Debt / equity

0.03

OPM

18.1%

EPS (TTM)

₹2.3

Book value

₹6.9

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Earnings volatility: quarterly net profit ranges ₹282–₹2,195 Cr and EPS ₹0.21–₹1.60, indicating project-driven lumpiness and limited visibility.
Operating margin volatility: OPM swings 14.4%–20.8%, suggesting project-specific profitability sensitivity.
Stock declined 26.65% over 1y despite high ROE, signaling investor concern about earnings quality or forward growth.
Verify order-book depth, project execution timelines, working-capital cycles, and competitive/regulatory shifts in heavy electrical equipment.

Generated analysis · source review pending

Growth drivers

ROE of 40.64% indicates capital efficiency; verify margin stability given current 14.4%–20.8% volatility.
D/E of 0.03 provides borrowing capacity; verify capital allocation to growth, capacity, or M&A.
Quarterly revenue reaching ₹5,493 Cr; verify order pipeline and contract visibility for revenue trajectory.
Operating margin of 18.06% average; verify cost management or project selection improvements that could stabilise the 14.4%–20.8% range.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹38.9-1.5%1Y

Quick read

rule-based

Pros

+Strong return on equity of 36.1% (3-yr avg)
+High return on capital employed of 29.1%
+Profit CAGR of 97.9% over the last 5 years
+Revenue CAGR of 38% over the last 5 years
+Almost debt-free (debt/equity 0)

Cons

−Low promoter holding of 11.7%

Research score

Structured signal from quality, growth, valuation and momentum.

62/100

Business quality: 74
Growth: 51
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MIDCAP 50 NIFTY MIDCAP 150 NIFTY 200 NIFTY MIDSMALLCAP 400 NIFTY 500

Screen this industry

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	8,334	5,025	2,973	3,346	6,582	5,971	6,529	10,890	16,732
COGS	5,116	2,998	1,874	1,577	4,332	3,783	3,982	6,887	10,803
Gross profit	3,218	2,026	1,099	1,768	2,250	2,188	2,547	4,003	5,929
	2,210	2,041	1,960	1,231	1,371	1,356	1,518	2,146	2,907
	1,008	-15	-860	538	879	832	1,029	1,857	3,022
OPM %	12.1%	-0.3%	-28.9%	16.1%	13.4%	13.9%	15.8%	17.1%	18.1%
Depreciation	342	342	419	258	260	260	190	259	318
Interest	1,581	1,270	1,367	996	735	421	164	255	462
	529	78	-38	825	105	2,740	-15	103	180
Profit before tax	-386	-1,549	-2,684	108	-10	2,892	659	1,447	2,422
Tax	-2	-12	7	5	167	4	-1	-625	-742
Tax %	-0.4%	-0.8%	0.3%	4.3%	1,672.6%	0.2%	-0.1%	-43.2%	-30.6%
	-384	-1,537	-2,692	104	-177	2,887	660	2,072	3,163
PAT margin %	-4.6%	-30.6%	-90.6%	3.1%	-2.7%	48.4%	10.1%	19%	18.9%
EPS (₹)	-0.7	-2.9	-5	0.1	-0.2	2.6	0.5	1.5	2.3
EPS adjusted (₹)	-0.7	-2.9	-5	0.1	-0.2	2.3	0.5	1.5	2.3
Annual report	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	1,064	1,064	1,064	1,702	1,843	2,454	2,722	2,732	2,745
Reserves	-8,031	-9,562	-12,047	-5,045	-5,369	-1,355	1,199	3,374	6,719
	11,605	9,624	9,686	6,859	6,391	1,905	110	283	264
	6,482	7,745	7,828	3,086	3,610	2,519	3,149	6,571	9,141
Total equity & liabilities	11,121	8,871	6,530	6,601	6,475	5,523	7,179	12,960	18,869
	1,422	1,482	1,180	1,133	1,028	837	859	1,754	2,271
CWIP	173	218	110	104	15	3	16	89	176
Investments	—	—	—	56	31	29	35	69	241
	9,525	7,170	5,240	5,308	5,400	4,655	6,268	11,048	16,180
Total assets	11,121	8,871	6,530	6,601	6,475	5,523	7,179	12,960	18,869

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Wind Turbine Generator	14,040.19	1,853.79	11,920.76	8,250.64	3,670.12	50.51
Operation & Maintenance Service	2,483.85	759.23

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	40.3%	37%	52.9%	34.2%	36.6%	39%	36.8%	35.4%
EBITDA margin %	-0.2%	-28.9%	16%	13.5%	13.9%	15.8%	17.1%	18.1%
EBIT margin %	-7%	-43%	8.2%	9.6%	9.6%	12.9%	14.7%	16.2%
PAT margin %	-30.6%	-90.6%	3.1%	-2.7%	48.4%	10.1%	19%	18.9%
Working capital
Receivable days	137	168	130	76	72	102	130	137
Inventory days	355	400	503	186	176	210	171	152
Payable days	265	253	366	155	86	165	156	172
NWC days	227	315	267	107	162	148	145	117
Leverage
Current ratio	0.59	0.28	1.26	1.19	1.53	1.76	1.56	1.65
Debt to EBITDA	—	—	12.84	7.18	2.29	0.11	0.15	0.09
Debt to equity	-1.13	-0.88	-2.05	-1.81	1.73	0.03	0.05	0.03
Interest coverage	-0.2	-0.9	0.3	0.9	1.4	5.3	6.7	6.1
Asset turnover	0.57	0.46	0.51	1.02	1.08	0.91	0.84	0.89
Return ratios
Return on assets %	-17.3%	-41.2%	1.6%	-2.7%	52.3%	9.2%	16%	16.8%
Return on capital employed %	72.7%	12.5%	10.6%	25.9%	23.4%	25.1%	30.3%	31.7%
Return on equity %	18.1%	24.5%	-3.1%	5%	262.7%	16.8%	33.9%	33.4%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	13.29%	13.29%	13.29%	13.27%	13.25%	13.25%	13.25%	11.74%	11.73%	11.73%	11.73%	11.71%
	10.88%	17.83%	19.57%	21.53%	23.72%	22.88%	23.03%	23.03%	22.7%	23.73%	23.85%	24.15%
	9.82%	6.15%	6.3%	9.17%	9.01%	9.31%	8.73%	10.17%	10.16%	9.24%	9.18%	11.11%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	66.01%	62.73%	60.84%	56.03%	54.02%	54.56%	54.99%	55.06%	55.41%	55.3%	55.24%	53.03%
No. of shareholders	—	—	—	—	—	—	—	—	56,36,240	56,35,389	56,95,354	55,36,345

Promoter holding down 1.58 percentage points since Sep 2023.

93 deals · 22 Aug 2022 – 14 Jul 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
14 Jul 2025	THE MTBJ LTD AS TRST FOR GOVERNMENT PENSION INVESTMENT FUND MTBJ400045849	Block	BSE	Buy	33,39,366	₹65.92	₹22.01 Cr
14 Jul 2025	THE MTBJ LTD AS TRST FOR GOVRNMNT PENSION INVSTMNT FUND MTBJ400045828	Block	BSE	Sell	33,39,366	₹65.92	₹22.01 Cr
9 Jun 2025	TANTI HOLDINGS PRIVATE LIMITED	Block	NSE	Sell	6,69,76,144	₹66.05	₹442.38 Cr
9 Jun 2025	GOLDMAN SACHS FUNDS-GOLDMAN SACHS ASIA EQUITY PORTFOLIO	Block	NSE	Buy	5,82,89,175	₹66.05	₹385.00 Cr
9 Jun 2025	VINOD RANCHHODBHAI TANTI	Block	NSE	Sell	5,28,17,142	₹66.05	₹348.86 Cr
9 Jun 2025	TANTI RANCHHODBHAI RAMJIB HAI	Block	NSE	Sell	5,08,70,688	₹66.05	₹336.00 Cr
9 Jun 2025	MOTILAL OSWAL MUTUAL FUND	Block	NSE	Buy	4,54,20,099	₹66.05	₹300.00 Cr
9 Jun 2025	ADITYA BIRLA SUN LIFE MUTUAL FUND	Block	NSE	Buy	3,02,80,090	₹66.05	₹200.00 Cr
9 Jun 2025	RAMBHABEN UKABHAI TANTI	Block	NSE	Sell	2,75,00,000	₹66.05	₹181.64 Cr
9 Jun 2025	ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED	Block	NSE	Buy	1,69,56,850	₹66.05	₹112.00 Cr

1–10 of 93

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Mr. Vinod R.TantiExecutive Director-Chairperson-MD
Mr. Girish R.TantiExecutive Director
Mr. Sameer ShahNon-Executive - Independent Director
Mrs. Seemantinee KhotNon-Executive - Independent Director
Mr. Pranav T.TantiNon-Executive - Non Independent Director
Mr. Girish VanvariNon-Executive - Independent Director
Mr. Ajay KapurChief Executive Officer
Mrs. Geetanjali S VaidyaCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

End of day 30 Sept 2026 · underlying ₹39.5 · volume and open interest in contracts

3

Expiry	Close	Chg	% Chg	Settlement	Open interest	Change in OI	Volume	Lot size
27 Oct 2026	₹39.6	-0.4	-1%	₹39.6	32,364	+675	2,096	12700
23 Nov 2026	₹39.8	-0.4	-1.1%	₹39.8	3,551	+98	232	12700
29 Dec 2026	₹40.1	-0	-0.1%	₹40.1	31	+31	37	12700

Open the chart icon on a row for that contract's close over 103 stored sessions, with open interest as bars beneath it.

23

27 Oct 2026 23 Nov 2026 29 Dec 2026

Calls				Strike	Puts
OI	Chg OI	Volume	LTP	—	LTP	Volume	Chg OI	OI
0	0	0	₹0.0	32

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 14 fund houses

Held by these funds

4.09%

of the company's equity

All mutual funds

6.47%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

79 schemes · 14 fund houses

		Shares
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	19.49 Cr	926.35	2.16%	1.418%	-0
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	14.04 Cr	667.27	3.31%	1.022%	-0
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	6.09 Cr	289.46	2.04%	0.443%	-0
Franklin India Mid Cap Fund (Formerly known as Franklin India Prima Fund) ^	Franklin Templeton Mutual Fund	3.25 Cr	154.44	1.18%	0.236%	-0
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	2.54 Cr	120.7	2.35%	0.185%	-46 L
Arbitrage FundNEW	SBI Mutual Fund	1.47 Cr	70.01	0.15%	0.107%	—
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	1.18 Cr	56.07	1.35%	0.086%	+4.05 L
ETF Nifty Midcap 150	Nippon India Mutual Fund	1.16 Cr	55.13	1.36%	0.084%	+6.88 L

1–8 of 79

1 / 10

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Jun 2026Transcript AI Summary PPTREC
Feb 2026Transcript AI SummaryPPTREC

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

1

Final dividend17 Jul 2008 · ex-date₹1

1

Board meeting to consider results28 Jul 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

33 announcementsExport CSV

18 Sept 2026, 5:05 pmCompany Update

Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS

Allotment of ESOP / ESPS PDF

Loading announcements…

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	40.3%	37%	52.9%	34.2%	36.6%	39%	36.8%	35.4%
EBITDA margin %	-0.2%	-28.9%	16%	13.5%	13.9%	15.8%	17.1%	18.1%
EBIT margin %	-7%	-43%	8.2%	9.6%	9.6%	12.9%	14.7%	16.2%
PAT margin %	-30.6%	-90.6%	3.1%	-2.7%	48.4%	10.1%	19%	18.9%
Working capital
Receivable days	137	168	130	76	72	102	130	137
Inventory days	355	400	503	186	176	210	171	152
Payable days	265	253	366	155	86	165	156	172
NWC days	227	315	267	107	162	148	145	117
Leverage
Current ratio	0.59	0.28	1.26	1.19	1.53	1.76	1.56	1.65
Debt to EBITDA	—	—	12.84	7.18	2.29	0.11	0.15	0.09
Debt to equity	-1.13	-0.88	-2.05	-1.81	1.73	0.03	0.05	0.03
Interest coverage	-0.2	-0.9	0.3	0.9	1.4	5.3	6.7	6.1
Asset turnover	0.57	0.46	0.51	1.02	1.08	0.91	0.84	0.89
Return ratios
Return on assets %	-17.3%	-41.2%	1.6%	-2.7%	52.3%	9.2%	16%	16.8%
Return on capital employed %	72.7%	12.5%	10.6%	25.9%	23.4%	25.1%	30.3%	31.7%
Return on equity %	18.1%	24.5%	-3.1%	5%	262.7%	16.8%	33.9%	33.4%

Calls	Strike	Puts
0	0	0	₹0.0	32

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Bharat Heavy Electricals LimitedBHELBHEL	₹1,46,596 Cr	₹1,54,783 Cr	₹35,993 Cr	₹3,383 Cr	6.9%	₹2,432 Cr	4.7%	6.8%	6.3%	119
Hitachi Energy India LimitedPOWERINDIAPOWERINDIA	₹1,39,553 Cr	₹1,39,553 Cr	₹9,163 Cr	₹1,424 Cr	15.4%	₹1,150 Cr	12.1%	28.8%	21%	-42
Cg Power And Industrial Solutions LimitedCGPOWERCGPOWER	₹1,38,443 Cr	₹1,38,443 Cr	₹12,821 Cr	₹1,638 Cr	13.1%	₹973 Cr	9.7%	26.2%	20.4%	48
Siemens Energy India LimitedENRINENRIN	₹1,18,724 Cr	₹1,18,724 Cr	₹9,436 Cr	₹2,024 Cr	19.3%	₹1,488 Cr	14.1%	33.8%	29%	-175
Ge Vernova T&D India LimitedGVT&DGVT&D	₹1,08,882 Cr	₹1,08,882 Cr	₹6,712 Cr	₹1,757 Cr	27.1%	₹1,305 Cr	19.9%	73.2%	55.3%	90
Suzlon Energy LimitedSUZLONSUZLON	₹53,473 Cr	₹53,737 Cr	₹17,429 Cr	₹3,019 Cr	18.1%	₹3,144 Cr	18.9%	31.7%	40.6%	117
Thermax LimitedTHERMAXTHERMAX	₹40,058 Cr	₹42,346 Cr	₹10,839 Cr	₹870 Cr	9.6%	₹593 Cr	6.7%	15.7%	13.7%	-0
Schneider Electric Infrastructure LimitedSCHNEIDERSCHNEIDER	₹30,495 Cr	₹30,939 Cr	₹2,920 Cr	₹336 Cr	12.8%	₹184 Cr	7.4%	28.5%	31.8%	61
Azad Engineering LimitedAZADAZAD	₹18,481 Cr	₹18,938 Cr	₹638 Cr	₹240 Cr	37.4%	₹139 Cr	22.2%	12.4%	9.1%	1,720
Triveni Turbine LimitedTRITURBINETRITURBINE	₹16,849 Cr	₹16,849 Cr	₹2,253 Cr	₹428 Cr	20.7%	₹336 Cr	16%	35.7%	26.3%	8
Karamtara Engineering LimitedKARAMTARAKARAMTARA	₹13,225 Cr	₹14,255 Cr	₹4,312 Cr	₹498 Cr	11.6%	₹229 Cr	5.3%	27.2%	20.8%	—
Atlanta Electricals LimitedATLANTAELEATLANTAELE	₹13,200 Cr	₹13,247 Cr	₹2,001 Cr	₹367 Cr	18.6%	₹224 Cr	10.9%	34.8%	21.7%	74

Date	Category	Subject	Filing
18 Sept 2026, 5:05 pm	Company Update Allotment of ESOP / ESPS	Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS	PDF
15 Sept 2026, 12:51 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
11 Sept 2026, 7:24 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
8 Sept 2026, 9:23 am	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF
4 Sept 2026, 11:05 am	Company Update Change in Management	Announcement under Regulation 30 (LODR)-Change in Management	PDF
25 Aug 2026, 9:39 am	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF
21 Aug 2026, 4:16 pm	Others Reg. 34 (1) Annual Report	Reg. 34 (1) Annual Report.	PDF
20 Aug 2026, 10:05 am	Others Reg. 34 (1) Annual Report	Reg. 34 (1) Annual Report.	PDF

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-109	1,267	-929	531	1,302	467	33	1,092	1,202
	-133	125	-32	-24	-18	85	-152	-752	-914
	492	-1,898	969	-327	-1,045	-684	178	343	-155
Net cash flow	249	-506	8	180	239	-133	60	683	133
Free cash flow	—	—	—	479	1,225	366	-194	721	625
CFO / Operating profit %	-10.9%	—	—	99.3%	146.4%	56.1%	3.2%	58.8%	39.8%

Suzlon Energy Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Futures3

Option chain23

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Dividends1

Board meetings1

Announcements

Dividends1

Board meetings1

Ratio timeline

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Quarterly record

Bulk & block deals

Board and management

Futures3

Option chain23

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Foundry & Forging · revenue

3

23

1

1

1

1

3

23